Pitfalls of annuities

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Many facets of financial life — including income drawdown schemes — appear to be simply a rip-off for everyone other than the providers

Sir, Mr Rounce (letter,
Mar 1) has my sympathies — annuities, like so many other facets of
financial life, are a rip-off for everyone other than the providers.

I concluded, after losing money through the Equitable Life fiasco, that I
would do everything in my power to avoid the trap of being forced to buy an
annuity. So I went down the income drawdown route, knowing that in the
result of my death before reaching 75, at least some of the fund would be
returned to my family. This age restriction now seems to be lifted, and I
am, to some degree,